TCRAP_Public/111004.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, October 4, 2011, Vol. 14, No. 196

                            Headlines


A U S T R A L I A

EVANS PUBLISHING: Creditors Accept Deed of Company Arrangement
SHAFSTON COLLEGE: Faces Liquidation Over Agent's Unpaid Commission


C H I N A

BABY FOX: Incurs US$1.66 Million Net Loss in Fiscal 2011
SEARCHMEDIA HOLDINGS: To Offer 3MM Shares Under Incentive Plan
SPG LAND: S&P Lowers Corp. Credit Rating from 'BB-' to 'B+'
WSP HOLDINGS: Posts US$118.8 Million Net Loss in 2010


H O N G  K O N G

APPLIED FILMS: Members' Final Meeting Set for Nov. 1
BALLY HK: Members' Final Meeting Set for Nov. 1
BESTGAIN TRADING: Ha Yue Fuen Henry Steps Down as Liquidator
CAPITAL LEASE: Members' Final Meeting Set for Oct. 25
CHEONG HING: Creditors' Meeting Set for Oct. 7

CLIPPER MOTOR: Creditors' Proofs of Debt Due Oct. 31
EAGLES EYE: Tam and Lok Step Down as Liquidators
ELTA (H.K.): Creditors' Proofs of Debt Due Nov. 7
ENFUL ENGINEERING: Wong and Arab Step Down as Liquidators
FESTIWELL COMPANY: Creditors' Proofs of Debt Due Oct. 31

FIREWORKS LOGISTICS: Creditors' Proofs of Debt Due Oct. 14
HENTELL LIMITED: Cowley and Mitchell Step Down as Liquidators
HUB LIMITED: Commences Wind-Up Proceedings
LANGDONG LIMITED: Members' Final Meeting Set for Nov. 1
LEE SANG: Lui King Wai Steps Down as Liquidator

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
METRO SPORT: Kong Chi How Johnson Steps Down as Liquidator
OLIVE MOUNTAIN: Creditors' Proofs of Debt Due Nov. 1
SUN HOLY: Creditors' Proofs of Debt Due Oct. 21
THUNDERBIRD FASHION: Creditors' Proofs of Debt Due Oct. 31

WELL NICE: Creditors' Proofs of Debt Due Nov. 2


I N D I A

ADI ISPAT: CARE Assigns 'CARE D' Rating to INR27.45cr LT Bank Loan
AGNI STEELS: ICRA Reaffirms '[ICRA]BB' INR10.11cr Term Loan Rating
ALAKH ADVERTISING: ICRA Assigns '[ICRA]BB+' Rating to INR11cr Loan
ASM TRAXIM: CARE Assigns 'CARE BB' Rating to INR45cr LT Loan
BAJAJ KAGAJ: CARE Assigns 'CARE BB-' Rating to INR12.4cr LT Loan

BEDMUTHA INDUSTRIES: ICRA Reaffirms '[ICRA]BB' Long-Term Rating
BHRIGUS SOFTWARE: ICRA Cuts Rating on INR70cr Loan to '[ICRA]D'
DEEPAK BUILDERS: CARE Rates INR25cr Long-Term Loan at 'CARE BB'
EVERGREEN VENEERS: ICRA Rates INR5cr Bank Limits at '[ICRA]B+'
KINGFISHER AIRLINES: To Exit Low-Cost Kingfisher Red

KINGFISHER AIRLINES: Mallya Gets INR50cr Commission in 2010-11
MAHAVIR SHIP: ICRA Reaffirms '[ICRA]BB-' rating on INR2.32cr Loan
PIONEER TOWN: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
PRAVEENYA INSTITUTE: ICRA Rates INR10cr Term Loans at '[ICRA]BB'
RAGHUVIR GINNING: CARE Rates INR10.22cr Long-Term Loan at 'CARE B'

RAM TECHNO: ICRA Assigns '[ICRA]B+' Rating to INR7.5cr Bank Limit
R.V. RAYANAM: ICRA Assigns '[ICRA]B+' to INR7cr Fund Based Loans
SATYA PRAKASH: ICRA Cuts Rating on INR10.11cr Loan to '[ICRA]D'
SPARK GREEN: ICRA Assigns '[ICRA]BB' Rating to INR80cr Term Loan
SUN SIGN: CARE Rates INR3.5cr LT Bank Facilities at 'CARE BB'

UMIYA FLEXIFOAM: CARE Assigns 'CARE BB' Rating to INR1.25cr Loan
VAIBHAV GEMS: CARE Reaffirms 'CARE BB' Rating on INR152.34cr Loan


J A P A N

INCUBATOR BANK: Aeon Bank to Buy Failed Firm for JPY2.48 Billion
UDMAC-J1 CMBS: S&P Raises Rating on Class D Certificates to 'BB'


K O R E A

KOREA TECHNOLOGY: Proposes Durham Jones as Counsel
KOREA TECHNOLOGY: Has Deal on Sale of Mining Property
PANTECH CO: Deadline for Preliminary Bids Extended for One Week


N E W  Z E A L A N D

AORANGI SECURITIES: Registrar Awaits Jean Hubbard Submission
CENTURY CITY: Wellington Phoenix New Owners May Get Tax Relief
NATHANS FINANCE: Appellate Court Junks Appeals on Jail Sentences
WILLETTS FURNITURE: Faces Wind Up Application


S I N G A P O R E

BAKRIE NUSANTARA: Creditors' Proofs of Debt Due Oct. 14
DARWIN INTERIOR: Creditors' Proofs of Debt Due Oct. 31
EPL DISTRIBUTION: Creditors Get 7.421% Recovery on Claims
EVANSON INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 11
INFORUM PAC-RIM: Creditors Get 85.61323% Recovery on Claims

INFOWAVE PTE: Court to Hear Wind-Up Petition on Oct. 14
KIAN DA: Creditors' Proofs of Debt Due Oct. 14
KXD DIGITAL: Court to Hear Judicial Management Bid on Oct. 18


T H A I L A N D

TT&T PCL: Reports Progress on Debt-to-Equity Conversion


X X X X X X X X

* BOND PRICING: For the Week Sept. 26 to Sept. 30, 2011


                            - - - - -


=================
A U S T R A L I A
=================


EVANS PUBLISHING: Creditors Accept Deed of Company Arrangement
--------------------------------------------------------------
ABC New England North West News reports that creditors have agreed
to accept a Deed Of Company Arrangement for the failed Evans
Publishing newspaper group, which went into voluntary
administration in August owing more than AUD3 million.

According to The Armidale Express, administrator Geoff Davis from
RMG Partners said he had recommended that the meeting accept a
reworked Deed of Company Arrangement involving refinancing and new
management.

"Brad Evans will still be involved in it but as I understand it
his role will be within sales and marketing," the Express quotes
Mr. Davis as saying. "Previously he was CEO, now he won't be.
That's one of the key points of difference."

The Express notes that the option of selling the company had been
explored since the adjournment of the previous meeting, but
potential purchasers were unable to conclude the deal within the
firm timeframe specified.

"We had some detailed discussions with several parties, but
ultimately they advised us that they weren't able to proceed on
the basis that we needed them to, and they withdrew their offer,"
Mr. Davis said.

Evans Publishing Pty Ltd is an Australian-based independent
publishing company.  The company publishes the Armidale
Independent, Port Macquarie Independent, Tamworth City News,
Southern Free Times and Tweed Coast Weekly.


SHAFSTON COLLEGE: Faces Liquidation Over Agent's Unpaid Commission
------------------------------------------------------------------
Brisbane Times reports that Shafston College could be placed in
the hands of liquidators next month after allegedly failing to pay
an international student placement agency more than AUD200,000 in
commissions.

According to the report, Sonya International Education Centre has
lodged an application in the Supreme Court for Shafston College to
be declared insolvent and placed in the hands of liquidators over
AUD234,972 in unpaid commissions.

Brisbane Times relates that the placement agency claims Shafston
College, founded by Brisbane entrepreneur Keith Lloyd, has failed
to pay the agreed commissions of AUD2,196 for 107 international
students since 2009.

The agency lodged the application earlier last month, after
Shafston College allegedly failed to pay the outstanding
commissions within 21 days of receiving statutory demand for the
money in August this year, according to the report.

Solicitor Cameron McKenzie, acting for Sonya International
Education Centre, said the issue was a simple debt recovery
matter.

The matter is due to be heard in the Supreme Court next month.

                           Legal Strifes

In 2004, Brisbane Times recalls, the college was fined AUD22,000
in Brisbane Magistrates Court for offering a course it was not
accredited to teach, in the months after its founder Keith Lloyd
became embroiled in a sex scandal involving young female students
over which Mr. Lloyd proclaimed his innocence.

The state government banned Mr. Lloyd from managing or
administering the institution for accepting students in
unaccredited subjects, Brisbane Times says.

In 2008, Brisbane Times adds, the Queensland Nursing Council
refused to renew the college's accreditation and placed
restrictions on Shafston graduates over "serious concerns" about
the quality of the college's nursing course.

                      About Shafston College

Based in Brisbane, Australia, Shafston College is a tertiary
institution which caters for overseas students primarily studying
English and information technology courses.


=========
C H I N A
=========


BABY FOX: Incurs US$1.66 Million Net Loss in Fiscal 2011
--------------------------------------------------------
Baby Fox International, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, reporting a
net loss of US$1.66 million on US$0 of revenue for the fiscal year
ended June 30, 2011, compared with a net loss of US$435,531 on
US$0 of revenue during the prior year.

The Company's balance sheet at June 30, 2011, showed US$16,549 in
total assets, US$5,000 in total liabilities, and US$11,549 in
total stockholders' equity.

On June 30, 2010, the Company had total assets of US$10,269,001
and total liabilities of US$17,304,716 on June 30, 2010.  The
US$16,407,202 of current liabilities at June 30, 2010 was
reclassified to current liabilities of discontinued operations and
US$810,160 at June 30, 2010 of long-term liabilities was
reclassified to long-term liabilities of discontinued operations.

Friedman LLP, in Marlton, NJ, noted that the Company's losses,
negative cash flows from operations and working capital deficiency
raise substantial doubt about its ability to continue as a going
concern.

A full-text copy of the Form 10-K is available for free at:

                        http://is.gd/sQeM8n

                     About Baby Fox International

Shanghai Minhang District, P.R.C.-based Baby Fox International,
Inc., is a Nevada corporation organized on Aug. 13, 2007, by
Hitoshi Yoshida, a Japanese citizen, as a listing vehicle to
acquire Shanghai Baby Fox Fashion Co., Ltd.  The Company is a
growing specialty retailer, developer, and designer of
fashionable, value-priced women's apparel and accessories.  The
Company's products are aimed to target women aged 18 to 40 in
China.  The Baby Fox brand was initially registered in Italy in
May of 2003 and it is promoted as an international brand in China.


SEARCHMEDIA HOLDINGS: To Offer 3MM Shares Under Incentive Plan
--------------------------------------------------------------
Searchmedia Holdings Limited filed with the U.S. Securities and
Exchange Commission a Form S-8 registration statement registering
3 million ordinary shares, US$0.0001 par value per share, to be
offered under the SearchMedia Holdings Limited Amended and
Restated 2008 Share Incentive Plan.  The Offering has a proposed
maximum aggregate offering price of US$3.69 million.

A full-text copy of the Form S-8 prospectus is available for free
at: http://is.gd/32oQOM

                         About SearchMedia

SearchMedia is a leading nationwide multi-platform media company
and one of the largest operators of integrated outdoor billboard
and in-elevator advertising networks in China.  SearchMedia
operates a network of high-impact billboards and one of China's
largest networks of in-elevator advertisement panels in 50 cities
throughout China.  Additionally, SearchMedia operates a network of
large-format light boxes in concourses of eleven major subway
lines in Shanghai.  SearchMedia's core outdoor billboard and in-
elevator platforms are complemented by its subway advertising
platform, which together enable it to provide a multi-platform,
"one-stop shop" services for its local, national and international
advertising clients.

Marcum Bernstein & Pinchuk LLP, in New York, expressed substantial
doubt about SearchMedia Holdings' ability to continue as a going
concern.  The independent auditors noted that the Company has
suffered recurring net losses from operations and has a working
capital deficiency.

The Company reported a net loss of US$46.6 million on US$49.0
million of revenues for 2010, compared with a net loss of US$22.6
million on US$37.7 million of revenues for 2009.

The Company's balance sheet at Dec. 31, 2010, showed US$86.9
million in total assets, US$86.4 million in total liabilities, and
stockholders' equity of US$463,000.


SPG LAND: S&P Lowers Corp. Credit Rating from 'BB-' to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on China-based property developer SPG Land
(Holdings) Ltd. to 'B+' from 'BB-'. "At the same time, we lowered
the issue rating on the company's outstanding senior unsecured
notes to 'B' from 'B+'.  We also lowered the Greater China credit
scale long-term issuer rating on SPG Land to 'cnBB' from 'cnBB+'
and the Greater China scale issue rating to 'cnBB-' from 'cnBB'.
We kept all the ratings on CreditWatch, where they were placed
with negative implications on Aug. 31, 2011," S&P stated.

"We lowered the ratings to reflect our view that SPG Land's cash
flows are likely to remain weak and its leverage high over the
next 12 months due to the company's poor execution of property
sales," said Standard & Poor's credit analyst Frank Lu. "We kept
the ratings on CreditWatch with negative implications to reflect
the uncertainty over the resolution of a breach of the company's
loan covenant."

"In our view, SPG's sales have been weak because of execution
risks outside its home market of Shanghai, the company's small
scale, and high project concentration. SPG Land's contract sales
in the first half of 2011 were Chinese renminbi (RMB) 1,669
million, less than 30% of its revised full-year target. We believe
the company has just a slim chance of meeting the target,
given the poor outlook for the property market," S&P noted.

"We believe SPG's volatile financial risk profile is more
appropriate for a 'B+' rating. The company's financial performance
has been volatile and weak during the past three years, and is
likely to be weaker than that of 'BB-' rated peers in the next
year, in our view," said Mr. Lu. "SPG Land's profitability and
leverage fluctuated during 2009-2010, reflecting the company's
weak execution of an expanding business scale and project
concentration."

"We expect SPG Land's capital structure to remain under pressure
in the next two years due to weaker sales and increased
borrowings. The company will likely increase debt to finance
construction outflow and land premium payments. As of the end of
June 30, 2011, its overall borrowings are RMB6.54 billion, about
10% more than a year earlier. We expect SPG Land's EBITDA interest
coverage to be less than 3x and the ratio of total debt to EBITDA
to be more than 5x in 2011," S&P noted.

"SPG Land's liquidity is less than adequate, in our view. We
believe its liquidity sources may not be sufficient to cover uses
in 2012. As of June 30, 2011, SPG Land has breached certain
covenants under its Hong Kong dollar (HK$) 500 million offshore
loan. Our understanding from the company is that it has applied
for a waiver from its lender and the initial feedback was
positive," S&P said.

"We aim to resolve the CreditWatch action within three months
because SPG Land's covenant breach should be resolved by then. We
will then reassess the company's liquidity position," said Mr. Lu.

"We could lower the rating by multiple notches if the waiver is
not granted. In such a case, the company will have to repay the
loan, which could accelerate repayment of the bond. Nevertheless,
we believe this is an unlikely scenario," S&P added.


WSP HOLDINGS: Posts US$118.8 Million Net Loss in 2010
-----------------------------------------------------
WSP Holdings Limited filed on Sept. 14, 2011, its annual report on
Form 20-F for the fiscal year ended Dec. 31, 2010.

Deloitte Touche Tohmatsu CPA Ltd., in Beijing, People's Republic
of China, expressed substantial doubt about WSP Holdings' ability
to continue as a going concern.  The independent auditors noted
that the Company suffered significant operating loss and had
working capital deficiency and negative operating cash flow while
a significant amount of short-term borrowings is required to be
refinanced.

The Company reported a net loss of US$118.8 million on
$470.5 million of revenues for 2010, compared with net income of
US$4.2 million on US$577.0 million of revenues for 2009.

The Company's balance sheet at Dec. 31, 2010, showed
US$1.331 billion in total assets, US$1.028 billion in total
liabilities, and stockholders' equity of US$302.8 million.

A complete text of the Form 20-F is available for free at:

                       http://is.gd/UZYDpV

WSP Holdings Limited (NYSE: WH) -- http://www.wsphl.com/--
develops and manufactures seamless Oil Country Tubular Goods
(OCTG), including seamless casing, tubing and drill pipes used for
on-shore and off-shore oil and gas exploration, drilling and
extraction, and other pipes and connectors.  Founded as WSP China
in 1999, the Company offers a wide range of API and non-API
seamless OCTG products, including products that are used in
extreme drilling and extraction conditions.  The Company's
products are used in China's major oilfields and are exported to
oil producing regions throughout the world.  The Company is
headquartered in Wuxi, Jiangsu Province, in the People's Republic
of China.


================
H O N G  K O N G
================


APPLIED FILMS: Members' Final Meeting Set for Nov. 1
----------------------------------------------------
Members of Applied Films Asia Pacific Limited will hold their
final general meeting on Nov. 1, 2011, at 10:00 a.m., at 3050
Bowers Avenue, in Santa Clara, CA 95054, USA.

At the meeting, Mei Li, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


BALLY HK: Members' Final Meeting Set for Nov. 1
-----------------------------------------------
Members of Bally Hong Kong Limited will hold their final meeting
on Nov. 1, 2011, at 10:00 a.m., at 10/F, Great Smart Tower, at 230
Wanchai Road, in Wanchai, Hong Kong.

At the meeting, Lam Hiu Shun, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


BESTGAIN TRADING: Ha Yue Fuen Henry Steps Down as Liquidator
------------------------------------------------------------
Ha Yue Fuen Henry stepped down as liquidator of Bestgain Trading
Limited on Sept. 19, 2011.


CAPITAL LEASE: Members' Final Meeting Set for Oct. 25
-----------------------------------------------------
Members of Capital Lease Assets Limited will hold their final
general meeting on Oct. 25, 2011, at 10:00 a.m., at Parklaan 2,
3016BB Rotterdam, in Netherlands.

At the meeting, Chow Ching Man, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


CHEONG HING: Creditors' Meeting Set for Oct. 7
----------------------------------------------
Creditors of Cheong Hing Restaurant Company Limited will hold
their meeting on Oct. 7, 2011, at 2:30 p.m., for the purposes
provided for in Sections 241, 242, 243 and 244 of the Companies
Ordinance.

The meeting will be held at Suite 2302, 23/F, Seaview Commercial
Building, at 21 Connaught Road West, in Sheung Wan, Hong Kong.


CLIPPER MOTOR: Creditors' Proofs of Debt Due Oct. 31
----------------------------------------------------
Creditors of Clipper Motor Yachts Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 22, 2011.

The company's liquidators are:

          Stephen Briscoe
          Wong Teck Meng
          602 The Chinese Bank Building
          61-65 Des Voeux Road
          Central, Hong Kong


EAGLES EYE: Tam and Lok Step Down as Liquidators
------------------------------------------------
Tam Yau Shing Franky and Lok Wai stepped down as liquidators of
The Eagles Eye International Limited on Sept. 23, 2011.


ELTA (H.K.): Creditors' Proofs of Debt Due Nov. 7
-------------------------------------------------
Creditors of Elta (H.K.) Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 7,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 26, 2011.

The company's liquidator is:

          Ip Kwun Ting
          Room 1315, 13/F
          Asian House, 1 Hennessy Road
          Wanchai, Hong Kong


ENFUL ENGINEERING: Wong and Arab Step Down as Liquidators
---------------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Enful Engineering Limited on Sept. 21, 2011.


FESTIWELL COMPANY: Creditors' Proofs of Debt Due Oct. 31
--------------------------------------------------------
Creditors of Festiwell Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 19, 2011.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


FIREWORKS LOGISTICS: Creditors' Proofs of Debt Due Oct. 14
----------------------------------------------------------
Creditors of Fireworks Logistics Association Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 14, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 31, 2011.

The company's liquidator is:

         Ng Kam Wah Webster
         Rooms 1306-7, 13/F
         Park-In Commercial Centre
         56 Dundas Street
         Mongkok, Kowloon


HENTELL LIMITED: Cowley and Mitchell Step Down as Liquidators
-------------------------------------------------------------
Patrick Cowley and Paul Mitchell stepped down as liquidators of
Hentell Limited on Sept. 26, 2011.


HUB LIMITED: Commences Wind-Up Proceedings
------------------------------------------
Members of Hub Limited, on Sept. 16, 2011, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidators are:

         Paul Edward Mitchell
         Patrick Cowley
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


LANGDONG LIMITED: Members' Final Meeting Set for Nov. 1
-------------------------------------------------------
Members of Langdong Limited will hold their final meeting on
Nov. 1, 2011, at 10:00 a.m., at Flat 7, 4/F, Hing Wah Industrial
Building, 18 Hi Yip Street, Yuen Long, New Territories, in
Hong Kong.

At the meeting, Chau Yau Yee Rosita, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LEE SANG: Lui King Wai Steps Down as Liquidator
-----------------------------------------------
Lui King Wai stepped down as liquidator of Lee Sang Tsan Feedmill
Company Limited on Sept. 20, 2011.


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced on Sept. 23 that
investigation of over 99% of a total of 21,827 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

    * 15,773 cases, which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,739 cases, which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,218 cases, which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 837 cases (including minibond cases), which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 692 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 145 cases; and

    * 151 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

Investigation work is underway for the remaining 107 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7708

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC, and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq.; Richard P. Krasnow, Esq.; Lori R. Fife,
Esq.; Shai Y. Waisman, Esq.; and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq.; Evan Fleck, Esq.; and Dennis O'Donnell,
Esq.; at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Judge James Peck on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's $65
billion liquidation plan.  The proposed plan would enable LBHI and
its affiliated debtors to pay an estimated $65 billion to their
creditors.  Voting on the Plan ends on Nov. 4, 2011.  A hearing to
consider confirmation of the Plan is set for Dec. 6, 2011.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


METRO SPORT: Kong Chi How Johnson Steps Down as Liquidator
----------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Metro Sport
Merchandising (HK) Company Limited on Sept. 22, 2011.


OLIVE MOUNTAIN: Creditors' Proofs of Debt Due Nov. 1
----------------------------------------------------
Creditors of The Olive Mountain Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 1, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 23, 2011.

The company's liquidator is:

         Wai King Tong
         Room 5, 6/F
         Block C, Brilliant Garden
         250 Castle Peak Road
         San Hui, Tuen Mun
         New Territories
         Hong Kong


SUN HOLY: Creditors' Proofs of Debt Due Oct. 21
-----------------------------------------------
Creditors of Sun Holy Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 21, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 26, 2011.

The company's liquidator is:

         Tang Tin Sek
         19A, Entertainment Building
         30 Queen's Road
         Central, Hong Kong


THUNDERBIRD FASHION: Creditors' Proofs of Debt Due Oct. 31
----------------------------------------------------------
Creditors of Thunderbird Fashion Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 20, 2011.

The company's liquidator is:

         Wong Kit Sang
         8th Floor, Tower 1
         Tern Centre, 237 Queen's Road
         Central, Hong Kong


WELL NICE: Creditors' Proofs of Debt Due Nov. 2
-----------------------------------------------
Creditors of Well Nice Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 2, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 23, 2011.

The company's liquidator is:

         Chow Sheung Bing
         7/F, San Toi Building
         139 Connaught Road
         Central, Hong Kong


=========
I N D I A
=========


ADI ISPAT: CARE Assigns 'CARE D' Rating to INR27.45cr LT Bank Loan
------------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of ADI Ispat
Private Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     27.45      CARE D Assigned
   Short-term Bank Facilities     2.00      CARE D Assigned

Rating Rationale

The ratings of Adi Ispat Private Ltd are constrained on account of
instances of delay in the debt servicing along-with weak financial
risk profile marked by stressed liquidity position due to the
significant elongation in the operating cycle and its presence in
the highly competitive TMT bar industry. The ratings also factor
in the significant intergroup sales reflecting its dependence on
the associate concerns for the business.

Improvement in the overall financial risk profile leading to
generation of sufficient cash accruals for the timely servicing of
all its debt obligations would be the key rating sensitivity.

                         About Adi Ispat

Girdih-based (Jharkhand) AIPL, is a private limited company
promoted by Mr. Ashok Kumar Sarawgi and Mr. Amit Kumar Sarawgi who
are also the acting directors of the company. AIPL was initially
established in July 2004, while the commercial production started
only in August 2007. AIPL was established for manufacturing MS
Ingots from scrap metal through the induction furnace method with
nearby industries as the target market. Subsequently, in September
2009, AIPL increased the manufacturing capacity of MS ingot from
18,000 Metric Tonnes Per Annum (MTPA) to 36,000 MTPA. Furthermore,
in February 2010, AIPL commissioned a rolling mill which enabled
it to manufacture TMT bars with a capacity of 60,000 MTPA.

As against a PAT of INR0.11 crore on a total operating income of
INR22.34 crore in FY10 (refers to April 1 to March 31), AIPL
earned a PAT of INR0.46 crore on a total operating income of
INR27.16 crore in FY11.


AGNI STEELS: ICRA Reaffirms '[ICRA]BB' INR10.11cr Term Loan Rating
------------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR10.11 crore
term loan and INR15.80 crore (enhanced from INR 12.60 crore) long
term fund based limits of Agni Steels Private Limited. The outlook
on the long term rating is stable.  ICRA has also reaffirmed the
'[ICRA]A4' rating to the INR 25.00 crore (enhanced from
INR2.50 crore) short term fund based limits and the INR25.00 crore
(enhanced INR 20.00 crore) non-fund based limits of ASPL.

ICRA has withdrawn the 'LBB' rating outstanding on the
INR1.59 crore term loan facilities of ASPL, at the request of the
company, as the loan has been fully repaid.  There is no amount
outstanding against the rated instrument.

The reaffirmation of the ratings take in account the established
brand name of ASPL's thermo mechanically treated (TMT) bars in the
state of Tamil Nadu, its established sales and distribution
network and a healthy return on capital employed. The secondary
steel industry structure in the country is highly fragmented in
nature with low entry barriers, leading to competitive pressures.
However, a partially integrated nature of ASPL's operations
provides some support to its profit margins, which are at moderate
levels. The company's capital structure is estimated to have
improved as compared to 2008-09 levels; however the same is
expected to remain at aggressive levels as on 31st March 2011 due
to higher working capital intensity as compared to earlier years.
The above factors consequently led to the coverage indicators
being at moderate levels. The ratings also take into consideration
the cyclicality inherent in the steel business, tight power
situation in the state, and a raw material intensive nature of the
business. The iron ore mining restrictions in the state of
Karnataka are expected to lead to supply constraints to an extent,
thus impacting the company's sponge iron operations and margins.
ASPL however would have the option of using more scrap in the
steel making process. However, the cost of such operations is
likely to exert pressure on the company's profit margins. ICRA
takes note of the contingent liabilities in the books, which could
adversely impact the financial profile of the company, if the same
were to devolve on the company.

                       About Agni Steels

Incorporated in 1989, ASPL is a privately held company, jointly
promoted by Mr. R. Krishnamurthy, Mr. K Chinnasami and Mr. K.
Thangavelu.  The company currently has two manufacturing units;
one for producing billets and TMT bars and the other for producing
sponge iron, both located at Ingur, near Erode in Tamil Nadu. The
company's sales profile is largely constituted by TMT bars, which
are primarily targeted towards retail customers. ASPL has an
established dealer network with about 225 dealers in Tamil Nadu,
about 80 dealers in Kerala and 20 dealers in Karnataka.

Recent Results

During 2009-10, ASPL reported a net profit of INR3.62 crore on an
operating income of INR 137.48 crore. During 2010-11, the company
posted a provisional profit before tax of INR4.80 crore on an
operating income (provisional) of INR 158.51 crore.


ALAKH ADVERTISING: ICRA Assigns '[ICRA]BB+' Rating to INR11cr Loan
------------------------------------------------------------------
An '[ICRA]BB+' rating has been assigned to the INR11.00 crore,
long-term, fund-based working capital facilities of Alakh
Advertising & Publicity.  An '[ICRA]A4+' rating has also been
assigned to the INR3.40 crore, short-term, non-fund based working
capital facilities of the company. The long-term rating carries a
stable outlook.

The ratings factor in the vast experience of the promoters in the
advertisement and media industry, strong client profile from
diversified sectors, comfortable financial profile as reflected in
moderate profit margins and low gearing levels, and Alakh's
comfortable competitive position given the large inventory of
outdoor advertisement sites and the proven ability to execute pan-
India advertisement campaigns for its clients. The ratings are,
however, constrained by the current small scale of operations of
the company, exposure to intense competition in the fragmented
outdoor advertisement industry, susceptibility of revenues and
operating margins of outdoor media advertising to economic
downturns, and the regulatory concerns restricting growth of
billboards and issue of new licenses in several cities.

Alakh Advertising & Publicity was established in 1989, as a
proprietorship concern, by Mrs. Abha Gulati to engage in the
outdoor advertising display business. Mrs. Gulati, who was into
creative writing for movies, production and marketing of
television serials, got Alakh accredited to Doordarshan in the
early 90's for acting as the sole agency for release of all the
advertisement on Doordarshan for five years. Mrs. Gulati's
association with Doordarshan helped her in getting the initial
orders for outdoor advertising display. The client base of the
company expanded with Mrs. Geetika and Mrs. Neeta Gulati,
daughters-in-law of Mrs. Abha, joining the business in 2002. The
promoter family has applied to the registrar of companies (ROC) to
convert the proprietorship concern to a private limited company
with effect from July 01, 2011.

Alakh offers outdoor advertising in the form of hoardings, mobile
billboards, kiosks on street lamp posts, advertising on Mumbai
local trains and bus shelters, and building wraps; these displays
are offered with/ without illumination using neon lights/LEDs. The
firm possesses -300 outdoor hoarding sites in Mumbai, besides a
number of sites in Navi Mumbai, ~25 hoarding sites in Nagpur,
mobile vans, kiosks and six gantries on certain major flyovers in
Mumbai.

Recent Results

Alakh reported a profit after tax (PAT) of INR 2.63 crore on an
operating income of INR 35.54 crore during FY2010-11
(provisional), as against a PAT of INR 1.38 crore on an operating
income of INR 25.64 crore during FY2009-10.


ASM TRAXIM: CARE Assigns 'CARE BB' Rating to INR45cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' rating to the bank facilities
of ASM Traxim Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     45.00      CARE BB Assigned
   Short-term Bank Facilities     5.00      CARE A4 Assigned

Rating Rationale

The ratings are constrained by dependence of ASM Traxim Pvt Ltd on
the single product, viz almond leading to the product
concentration risk, long inventory holding period and high working
capital utilization. Furthermore, the ratings are constrained by
the low entry barriers in the business of almond trading.

However, the ratings take into consideration the experience of the
promoter in the same line of business, consistent growth in the
sales and stable profitability margins over the last three years
and a favorable import duty structure.

Ability to achieve the projected sales and profitability are the
key rating sensitivities.

                          About ASM Traxim

ASM Traxim Pvt. Ltd., incorporated on May 18, 2005, is a closely-
held family business engaged in the trading of almonds.  The
company sources almonds mainly domestically and sells in
the domestic market to the wholesalers through brokers.

As per the provisional FY11 (April 1 to March 31) results, ATPL
reported a PAT of INR1.41 crore on the total income of
INR264.93 crore. In FY10, ATPL reported a PAT of INR0.66 crore and
a total income of INR224.64 crore.


BAJAJ KAGAJ: CARE Assigns 'CARE BB-' Rating to INR12.4cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Bajaj Kagaj Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     12.40      CARE BB- Assigned
   Short-term Bank Facilities     0.25      CARE A4 Assigned

Rating Rationale

The ratings are constrained by the relatively small scale of
operations of Bajaj Kagaj Ltd and limited track record in the
paper manufacturing industry, below-average financial profile
characterized by pre-tax losses in the two consecutive years and
high gearing level and customer concentration risk. The ratings
are further constrained by susceptibility of its operating margins
due to the fluctuation in the raw material prices and presence in
the highly fragmented paper industry.

These factors far offset the benefits derived from the experience
of the promoters and their financial support.

BKL's ability to achieve the envisaged sales and profitability and
improvement in the liquidity position through efficient management
of the working-capital cycle are the key rating sensitivities.

                         About Bajaj Kagaj

UP-based Bajaj Kagaj Limited, incorporated in 2005, was promoted
by Mr. Gaya Prasad Bajaj who has been in the paper trading
business for more than 30 years. BKL is engaged in the business of
manufacturing of the writing and printing paper using indigenous
waste paper. Its plant is located in Unnao, Uttar Pradesh having
an installed capacity of 18,000 MTPA.

During FY11 (refers to April 1 to March 31), as per the
provisional results, BKL posted a PAT of INR1.14 crore on a total
income of INR29.63 crore as compared to a PAT of INR0.39 crore on
a total income of INR17.46 crore during FY10.


BEDMUTHA INDUSTRIES: ICRA Reaffirms '[ICRA]BB' Long-Term Rating
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB' and short-
term rating of '[ICRA]A4' assigned to the term loans, fund based
facilities and non-fund based facilities of Bedmutha Industries
Limited aggregating to INR80.75 crore.  The long-term rating has a
stable outlook.

The reaffirmation of ratings takes into account the successful
completion of the company's IPO (Initial Public Offering) in
October 2010 thereby strengthening its net worth size, its
established track record in the wire manufacturing business,
healthy growth in production levels with regular increase in
production capacities and a reputed and well-diversified customer
profile.

The ratings are however constrained by the competition present in
the industry with the presence of several large and well-
established players apart from a host of unorganized players,
sharp decline in profitability indicators in recent quarters owing
to subdued market conditions and high working capital intensity in
the business. ICRA notes that while the capital structure of the
company has improved post-IPO issue, the scale of the project has
significantly increased as the company has dovetailed the project
planned from the IPO proceeds with other projects planned under
Mega Project scheme. As a result, the project implementation risks
are high with delays already witnessed in the project due to
delays in land acquisition. Further, the debt-funded nature of the
project is likely to deteriorate the capital structure of the
company in the near term. The rating also takes into account the
corporate guarantees to the extent of INR32.43 crore provided by
the company to its subsidiary and associate companies.

                      About Bedmutha Industries

Bedmutha Industries Limited was incorporated in the year 1990 as
Bedmutha Wire Company Limited. The company however commenced
commercial production in the year 1992 by setting up its first
galvanised wire plant at Nashik with an installed capacity of
3,600 MTPA. Subsequently over the years the company has expanded
its capacities to present capacity of 33,500 MTPA. The company is
involved in the manufacture of steel wires, covering a wide range
of products, viz. Galvanised wire, Cable Armour, Aluminium
Conductor Steel Reinforced Wire, Stay Wires, High Carbon Rope
wires, etc. The products of the company find applications in power
cables, telephones, agriculture, wire netting, springs, auto
industries, constructions, railways etc.

Over the years, the company has also expanded its capacity through
merger of its group companies, namely Shriram Wire Pvt. Ltd.
(manufacturing of high carbon steel wire), Kamdhenu Wire Pvt. Ltd.
(manufacturing of wire nails) and Ajay Wire Products Pvt. Ltd.
(manufacturing of stay wires). The company issued its IPO in
October 2010 raising gross proceeds amounting to INR91.84 crore.
The company is currently implementing a project at a cost of about
INR310 crore towards setting up of high speed galvanizing line,
spring steel line and manufacturing facilities for newer products
such as staple pin, tyre beads and CHQ (cold heated quality) apart
from wire rope and aluminium rod.

During FY 2011, the company reported operating income of INR189.86
crore and Profit After Tax (PAT) of INR2.65 crore. For Q1 FY 2012,
the company has reported operating income of INR54.36 crore and
PAT of INR0.16 crore.


BHRIGUS SOFTWARE: ICRA Cuts Rating on INR70cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR70
crore, bank facilities of Bhrigus Software India Private Limited
to '[ICRA]D' from 'LBBB' earlier.  The rating downgrade factors in
the irregularities in debt-servicing by the company.

Bhrigus Software India Private Limited was incorporated in 2002
and is focused on developing and providing IT based products and
services across various verticals to secure high value addition in
potentially high growth areas like "Information Security and
Compliance Services" and "Telecom Security and Speech
Recognition". Bhrigus has three main business divisions, namely
compliance, telecommunications, and transport services division.
Broadly, the services offered under all the divisions are under
the domain of Information Technology and more specifically
information security. Bhrigus is a SEI CMM Level 4 and ISO
9001:2000 certified company.  The company is promoted by
Mr. Srikanth Velaga who is also the Chairman & Managing Director
and holds majority stake in the company.


DEEPAK BUILDERS: CARE Rates INR25cr Long-Term Loan at 'CARE BB'
---------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of M/S Deepak
Builders.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities       25.0     CARE BB Assigned

Rating Rationale

The rating is constrained by constitution of DBLD as a
Proprietorship firm, its relatively small scale of operations,
high leverage and working-capital intensive operations. The rating
also considers related party transactions, concentration of the
revenues from the government departments and inherent risk
associated with the construction industry. The rating, however,
favorably takes into account the experienced promoter, DBLD's
established track record in executing the contracts and
improvement in the operating performance of the firm in the recent
past.

Going forward, the ability of the firm to procure new contracts
and reduce its dependence on the bank borrowings would be the key
rating sensitivity.

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of DBLD at present. The
rating may undergo a change in case of the withdrawal of the
capital or of the unsecured loans brought in by the proprietor in
addition to the changes in the financial performance and other
relevant factors.

Deepak Builders, a proprietorship firm (converted from the
partnership firm in FY11) was formed in 1995 and is engaged in the
business of undertaking the construction contracts mainly from the
government, in the state of Punjab. During the last 15 years, DBLD
has constructed a residential as well as commercial complexes,
fruits and vegetable markets and flyovers.

The proprietor, Mr. Deepak Kumar Singal, is a qualified civil
engineer and has an experience of over two decade in the
construction industry.


EVERGREEN VENEERS: ICRA Rates INR5cr Bank Limits at '[ICRA]B+'
--------------------------------------------------------------
ICRA has assigned '[ICRA]B+' Long Term rating to INR5.00 crore
fund based bank limits of Evergreen Veneers Private Limited.  ICRA
has also assigned '[ICRA]A4' Short Term rating to the INR23.05
crore non-fund based bank limits of EVPL.

ICRA's ratings factor in the company's modest scale of operations
in its core business of plywood manufacture, resulting in moderate
economies of scale, which, coupled with the highly competitive
nature of the plywood industry has resulted in thin margins. This
situation is unlikely to change in the medium term. The company's
core product will also be subject to competition from alternative
materials like particle boards. The ratings also factor in
increasing working capital requirements in the business, driven
mainly by increased turnover as well as increase in debtor days,
although this has been partly offset by availing letters of credit
(LCs) for 180 days for its imports. This has in turn resulted in
modest liquidity and negative cashflow generation from operations
adjusted for working capital.

The ratings however positively factor in the established presence
of EVPL in plywood manufacture for almost two decades, the
experience of promoters in the business and the satisfactory
demand outlook for plywood from sectors such as real estate and
infrastructure. This coupled with the established relations with
timber suppliers and plywood dealers across the country have
resulted in significant volume and revenue growth, which is likely
to be sustained in the medium term. ICRA notes EVPL's presence in
the retail segment through its brands such as Du'k, Mount, and
Montek as an operational strength.

                      About Evergreen Veneers

Evergreen Veneers Private Limited is a private limited company
incorporated in 1992. The promoters and the directors Mr. Vijay
Gupta and Mr. Ashok Kumar Aggarwal have extensive experience in
manufacturing of Plywood, Face Veneer, Core Veneer, and Trading in
Timber. The company manufactures face veneer, core veneer,
plywood, and block board. It imports Gurjan, Batu and Marbu timber
from Hong-Kong, Malaysia and Myanmar among other countries and
sells face veneer and plywood across Andhra Pradesh and other
parts of India, and Nepal. Timber sales account for about 5% of
the company's revenues.

Recent Results:

For the financial year ending March 31, 2011, the company achieved
an Operating Income (OI) of INR53.16 crore (registering a strong
growth of 16.45% over FY 2010) and an operating margin of INR1.25
crore (at 2.35% of OI).


KINGFISHER AIRLINES: To Exit Low-Cost Kingfisher Red
----------------------------------------------------
Reuters reports that Kingfisher Airlines Chairman Vijay Mallya
said the carrier plans to exit its low-cost business in the next
four months and focus on the premium model, breaking with rival
carriers which are mostly betting on the budget space.

Kingfisher, India's second-largest private airline, run by liquor
baron Mallya who also has interests in sports businesses, operates
the budget arm under the Kingfisher Red brand, Reuters discloses.

"We are doing away with Kingfisher Red because we do not intend to
compete in the low-cost segment," Mr. Mallya told reporters on the
sidelines of Kingfisher's shareholder meeting, according to
Reuters.

"We believe that there are more than enough guests who prefer to
travel the full service Kingfisher class and that shows through in
our own performance where load factors in the Kingfisher class are
more than Kingfisher Red," Reuters quotes Mr. Mallya as saying.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees as
tax deducted at source and provident fund contribution, painting a
dire picture of the airline's finances, The Economic Times
reported.


KINGFISHER AIRLINES: Mallya Gets INR50cr Commission in 2010-11
--------------------------------------------------------------
The Economic Times reports that Kingfisher Airlines has given a
little over INR50 crore as commission to its chairman and key
promoter Vijay Mallya, who provided guarantees worth more than
INR6,100 crore for the airline's loans and other liabilities
during the last fiscal.

According to the report, the airline is working hard to improve
its financial health as well as operating performance, and as part
of these efforts it plans to shut down its low-cost service
Kingfisher Red in the next four months.

Kingfisher has told its shareholders that for providing the
additional level of collateral for its funding needs, the company
gave INR50.87 crore to Mr. Mallya as "guarantee and security
commission" during the year ended March 31, 2011, The Economic
Times reports.

The airline disclosed the guarantees worth INR6,175.63 crore
provided by Mr. Mallya and the commission paid to him in its
annual report for the year 2010-11, the report notes.

Mr. Mallya, according to The Economic Times, had also furnished
guarantees totaling INR2,799.56 crore in the previous fiscal
2009-10 on behalf of the company for loans taken and other
liabilities, but did not get any commission that year.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                           *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees as
tax deducted at source and provident fund contribution, painting a
dire picture of the airline's finances, The Economic Times
reported.


MAHAVIR SHIP: ICRA Reaffirms '[ICRA]BB-' rating on INR2.32cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating for INR2.32 crore term
loan and INR 4.00 crore cash credit facility (enhanced from
INR1.3 crore) of Mahavir Ship Breakers.  The outlook on the long
term rating is 'stable'.  ICRA has also reaffirmed the '[ICRA]A4'
rating to the INR 32.72 crore (enhanced from INR 12.00 crore) non-
fund based facilities of MSB.

The reaffirmed ratings, continue to be constrained by the small
scale of operations of MSB; high volatility in revenues driven by
the availability of ships and the cyclical nature of the steel
industry; and vulnerability of profitability to fluctuations in
steel prices and foreign exchange rates. Evidently, MSB's capital
structure remains highly adverse on account of heavy losses
suffered in the past leading to erosion of net worth. ICRA has
also taken note of the regulatory risks that are inherent in the
ship breaking business. The ratings however, favorably take into
account the long-standing presence of MSB in the ship breaking
business and a favorable outlook for the ship breaking industry in
the medium term.

Incorporated as a partnership firm in 1983, MSB is promoted by
Mr. Mukesh Jain. MSB is engaged in the business of ship breaking
and operates on a plot leased from Gujarat Maritime Board at the
Alang ship breaking yard. The firm is involved only in ship
breaking activity and does not have any associate concern.

Recent Results:

During FY 2011, the firm reported a profit after tax of
INR3.02 crore on an operating income of INR44.71 crore.


PIONEER TOWN: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR 20.0 crore fund
and non-fund based facilities of Pioneer Town Planners Private
Limited. ICRA has assigned Stable outlook to the long-term rating.

The rating favorably factors in the good location of the project
along with the fact that it offers relatively small sized
industrial plots; attributes which have led to healthy level of
committed bookings in the project. Further, the rating also draws
comfort from the favorable financing pattern with promoters
contributing 74% of the total cost, a majority of which has
already been contributed. The rating is however constrained by the
fact that the project is the group's first venture of such a scale
hence the group's ability to execute the project in a timely
manner and collect customer advances as envisaged is yet to be
demonstrated. Further, company's ability to book the balance 50%
of area and tie-up debt would be crucial for the smooth progress
of the project.

Going forward PTPPL's ability to efficiently collect advances,
deliver its flagship project as planned and manage its cashflows
given its expansion plans will be key rating sensitivities.

                        About Pioneer Town

Pioneer Town Planners Private Limited is part of the Shriji group
which has been founded by a group of six promoters namely
Mr. Suresh Dhawan, Mr. Amit Dhawan, Mr. Ashwini Malhotra,
Mr. Harpal Singh and Mr. Raman Khanna.  The promoters have
experience in real estate development in NCR primarily in their
individual capacity. The group is also in process of developing a
2.28 million square feet mall in Ajmer Rajasthan.

PTPPL is executing a plotted development project named Faridabad
Industrial Town Sector 57 or 'FIT-57'. The project is being
developed on a total land area of 50 acres in joint venture with
the Irris group. PTPPL owns 26.5 acre out of the total 50 acres.
The project is being developed in phases and the first phase is
expected to be completed by first half of FY2013.


PRAVEENYA INSTITUTE: ICRA Rates INR10cr Term Loans at '[ICRA]BB'
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to INR10.00 crore proposed
term loans of Praveenya Institute of Marine Engineering & Maritime
Studies. The outlook on the long term is stable.

The assigned rating factors in the stable fee based income from
academic courses with more than 60% of the revenue derived from
fee for the various courses being offered, being the only college
in the Andhra Pradesh to offer marine engineering course and the
demonstrated support from established promoter group. Further, the
rating also factors in the increased student intake over the years
coupled with adequate occupancy levels providing fair degree of
revenue visibility. However, the rating is constrained by the
limited track record of the college, intense competition from
numerous established colleges and local colleges in the vicinity
for courses other than marine engineering and highly regulated
nature of the Indian education industry with approvals required
from various government bodies for addition of new courses as well
as seats.

Jagriti Charitable Trust was incorporated in the year 2005 as a
public trust and it runs the college Praveenya Institute of Marine
Engineering & Maritime Studies. The trust is chaired by Mr. N.
Rama Rao, who is also the managing director of M/s Apex Encon
Projects Pvt. Ltd. The admissions to the 4 year B.E. marine
engineering course commenced from the academic year 2006-2007,
which was approved by Director General of Shipping. Apart from
marine courses, the college also offers various engineering
courses which were added in the last three years. The college is
spread over an area of about 12 acres near Modavalasa village,
Vizianagaram district, which is about 30 kms from the
Visakhapatnam city.

Recent Results

For FY 2011, the company reported a turnover of INR5.5 crore and a
surplus of INR0.6 crore.


RAGHUVIR GINNING: CARE Rates INR10.22cr Long-Term Loan at 'CARE B'
------------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Raghuvir
Ginning Factory.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     10.22      CARE B Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.  The rating
of Raghuvir Ginning Factory is constrained on account of its
modest scale of operation with low capacity utilization and its
weak financial risk profile marked by thin profitability, high
leverage and stressed liquidity position. The rating is further
constrained on account of RGF's constitution as a partnership
concern, susceptibility of its margins to the cotton price
fluctuation and its presence in the highly fragmented cotton
ginning industry.

These constraints far offset the benefits derived from the wide
experience of the partners in the cotton ginning industry and
RGF's proximity to the cotton-growing area of Gujarat.
Ability of the firm to increase its scale of operations and move
up in the cotton textile value chain and thereby improve its
overall financial risk profile would be the key rating
sensitivities.

                      About Raghuvir Ginning

Bhavnagar-based RGF was formed in August 2007 as a partnership
concern by five partners, viz Mr. Nagji Kheni, Mr. Ashok Kukadiya,
Mr. Popat Kukadiya, Mr. Lalji Dhameliya and Mr. Ramesh Patel. RGF
is present at the lowest end of the value chain in the cotton
textile industry, being engaged in the business of cotton ginning
and pressing.

During FY10 (refers to April 1 to March 31), RGF reported a total
operating income of INR26.02 crore and PAT of INR0.05 crore. As
per provisional results for FY11, the firm registered a total
operating income of INR47.27 crore and a PAT of INR0.28 crore.


RAM TECHNO: ICRA Assigns '[ICRA]B+' Rating to INR7.5cr Bank Limit
-----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' Long Term rating to the proposed
INR7.50 crore fund based bank limits of Ram Techno Projects
(India) Private Limited.  ICRA has also assigned an '[ICRA]A4'
Short Term rating to the proposed INR5.00 crore non-fund based
bank limits of RTPIPL.

The ratings assigned to Ram Techno Projects (India) Private
Limited are constrained by the small scale of operations and
limited experience in the infrastructure sector, which is expected
to account for the bulk of its future revenue streams. The ratings
are also constrained by the high geographic, client wise and
sector-wise concentration of the projects undertaken by the
company with 3 projects accounting for almost the entire order
book. The ratings also factor in the high working capital
requirements for the company and the vulnerability of the
company's margins to volatile raw material prices.

ICRA's ratings are however supported by the long track record of
the promoters in the real estate and construction industry; build
up of strong execution capacity in-house and the long association
with infrastructure majors, which are likely to result in
sustained order booking for the company. ICRA has positively
factored in the fact that the current projects are JNNURM
sponsored, funded by union government to the tune of 80%, which
could help the company see timely realizations. The company's
ability to secure status as a class-I contractor, which would
enable the company to bid directly for projects will remain a key
revenue and profit driver.

                        About Ram Projects

M/s Ram Projects was established in Dec. 2009 as a partnership
firm by Mr. Ramaraju, Mr. Vijayaraju. Subsequently, it was
converted into a private limited firm Ram Techno Projects (India)
Private Limited which is owned completely between Mr. Ramaraju,
Mr. Vijayaraju (his brother-in law) and a newly appointed external
director Mr. KSMK Murthy.

RTPIPL is currently engaged in executing JNNURM projects as a sub-
contractor. The company is presently executing two water storage
and distribution facilities to small towns near Rajahmundry, and
in laying pipelines for a part of underground drainage system in
Visakhapatnam.

Recent Results:

The year FY 2011 was the first full year of operations for the
partnership, wherein the company realized revenue of
INR8.47 crores.  The projects currently under execution have a
total value of INR44.50 crores while a new project of INR
INR37.00 crores is being secured.


R.V. RAYANAM: ICRA Assigns '[ICRA]B+' to INR7cr Fund Based Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR7.00
crore fund based facilities and INR13.00 crore non-fund based
facilities of M/s R.V. Rayanam.

RVR's rating is constrained by high geographic concentration risk
with all its projects located in Andhra Pradesh and high client
concentration risk with top three projects constituting more than
80% of its order book. The rating is also limited by revenue de-
growth in last two financial years and the small scale of
operations of the company which can constrain its bidding
eligibility for large size projects.

The rating also takes into account, the high working capital
utilization of the cash credit limit with most of the projects
stuck in 'Work in Progress' status leading to stretched liquidity
position of the company. However, the rating favorably factors in
the strong technical background and long standing experience of
the promoters which helps in better and faster execution of
projects. The rating also takes into account the healthy order
book size of the company which provides visibility for the revenue
growth in the medium term. RVR's rating is also supported by
healthy financial profile of the company with good operating and
net profit margins.

                         About R V Rayanam

R V Rayanam is a partnership firm which was incorporated in 2005.
The company is a special class contractor. It is a Kakinada based
construction company promoted by Mr. R V Rayanam, a technocrat
with over 4 decades of experience. RVR is in the business of
execution of civil, electrical, mechanical and engineering
contracts, construction and sale of flats, houses, commercial
complexes as well in the field of civil construction. From its
inception, the company has only executed central and state
government department works. The promoter of the firm, Mr R V
Rayanam, is a registered class I contractor since 1970 and has 40
years of experience in all types of civil engineering works like
building and constructions, road work, pipeline works,
construction of over head tanks and slumps.

Recent Results

In FY 2011, as per the provisional accounts, RVR reported an
operating income of INR13.7 crore and net profit of INR 0.57 crore
as against an operating income of INR 20.9 crore and net profit of
INR 0.90 crore in FY 2010.


SATYA PRAKASH: ICRA Cuts Rating on INR10.11cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised the rating assigned to INR10.11 crore (revised
from INR13.5 crore) fund based bank facilities of Satya Prakash
Hotels Private Limited to '[ICRA]D' from 'LBB+'.

The rating revision factors in the consistent delays made by SPHPL
in servicing its interest and principal obligations on account of
stretched liquidity conditions. The rating is also constrained by
SPHPL's current small scale of operations and its exposure to
geographical concentration considering its ownership of a single
hotel asset -- Hotel Ishwarya Grand -- in Kakinada. SPHPL is also
exposed to market risks considering that hotels offering similar
facilities have recently commenced operations in the city which
could impact achievable ARRs and occupancy levels for the Ishwarya
Grand hotel. ICRA also notes that SPHPL's revenues could be
adversely impacted in the event its corporate customers opt to
operate their own guesthouses for their personnel. The rating,
however, favorably factors in the strong growth in ARRs and
healthy occupancy levels witnessed by the hotel, supported by the
established market presence of the company's property in Kakinada
and the company's long-standing relationship with key corporate
clients; high promoter involvement in the operations and expansion
of the property and reduced client concentration. The rating
continues to favorably factor in the large planned investments in
Kakinada, which could translate into a positive operating
environment for the hotel.

                        About Satya Prakash

Satya Prakash Hotels Private Limited is a single property company
which owns the 74 room 3 star hotel "Hotel Ishwarya Grand", the
first three-star hotel in Kakinada. The hotel has been operational
since 1992 under a different name (Tripura International Hotel)
and was acquired by the present Managing Director Mr. M Surya
Prakash in 2003 for a consideration of INR5.5 crore.

Between FY 04 and FY 07 the hotel operated with 40 rooms.
Following successive capacity expansions, the number of rooms
increased to 52 in FY 08 and then to 74 in FY 09.  A further round
of expansion is currently going on in order to increase the number
of rooms to 95.


SPARK GREEN: ICRA Assigns '[ICRA]BB' Rating to INR80cr Term Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR80.00 crore term
loans of Spark Green Energy (Satara) Limited.  The rating has a
stable outlook.

The rating takes into account the project execution risks involved
in the on-going construction of the project with delays already
seen in commissioning, exposure of profitability to movement in
fuel costs in absence of firm fuel supply agreement and lack of
past experience of the promoters in setting up of biomass-based
power plants, though the company has put an experienced management
team in place. Post-commissioning, the company would also be
exposed to counterparty credit risk pertaining to BEST Undertaking
(procurer), though the same would be mitigated to some extent by
the payment security mechanism in the form of Letter of Credit to
be opened by BEST, that has been laid down in the terms of the
Energy Purchase Agreement (EPA). ICRA notes that the ability of
the company to achieve the designed plant operating parameters,
subsequent to project commissioning, would be important for
overall profitability and timely debt repayments.

The rating is however supported by the low demand risks for the
project with long-term EPA in place with BEST, low fuel supply
risks owing to adequate availability of cane trash (main fuel) in
the adjoining area, in-place clearances and approvals for the
project and in-place EPC contract on a fixed price basis that
would protect the project returns from any adverse movements in
the plant and machinery costs. The equity requirement for the
project has already been met (with BEST contributing about 65% of
the same in the form of interest free deposits) and ~85% of the
total debt requirement has been tied-up. Further, the sale of CERs
(subject to successful registration for same) would provide a
further upside to the project returns. ICRA also draws comfort
from the low technology risk in the project as it is based on
'Rankine Cycle' technology which is most widely used.

                         About Spark Green

Spark Green Energy (Satara) Limited was incorporated as a Special
Purpose Vehicle by the Chawla Group in the year 2004 with the
objective of developing, financing and operating a bio-mass based
power project in Satara district of Maharashtra. The project
involves setting up a 25 MW biomass-based power project at
estimated project cost of INR 146 crore which is proposed to be
funded through term loans of INR 96 crore and equity contribution
of INR 45 crore. BEST Undertaking has contributed INR 30 crore as
interest free deposits to meet the equity requirements of the
project. The company has tied-up its EPA for the project with BEST
at discounted tariff rates in lieu of the interest free deposits
provided by the latter. The power plant would be utilizing mainly
cane trash from its adjoining area as fuel. The COD of the project
is currently estimated in Q1 FY 2013.


SUN SIGN: CARE Rates INR3.5cr LT Bank Facilities at 'CARE BB'
-------------------------------------------------------------
CARE assigns CARE BB/CARE A4 ratings to the bank facilities of
Sun Sign & Technologies.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long Term Bank Facilities     3.50       CARE BB Assigned
   Short Term Bank Facilities    6.50       CARE A4 Assigned

Rating Rationale

The ratings take into account the constitution as a proprietorship
firm, below average financial risk profile reflected by small
scale of operations, low profitability margins and high overall
gearing. The ratings also take into account the susceptibility of
profit margins to foreign exchange fluctuations, industry
characterised with stiff government regulations and low entry
barriers.

However, the ratings draw comfort from experience of the promoters
in the plastic industry, wide product portfolio and limited
competition due to exclusive distributorship of Starflex brand in
India.

Going forward, the ability of SST to scale up the operations and
increase its customer base while maintaining the capital structure
would remain the key rating sensitivities.

                           About Sun Sign

Sun Sign & Technologies is a proprietorship firm constituted in
August 2007 by Mr. Deepak Gupta to undertake the trading business
of flex, printing inks, vinyl, tapes and other print related
products. SST is an exclusive distributor of Starflex, brand of
Polyvinyl Chloride (PVC) Flex product manufactured by Starflex Co.
Ltd., Korea. SST has been accredited with ISO 9001:2008
certification.

During FY10, SST earned a PAT of INR0.69 crore on a total
operating income of INR48.91crore. During FY11 (prov.), SST earned
a PAT of 0.86 crore on a total operating income of INR36.68 crore.


UMIYA FLEXIFOAM: CARE Assigns 'CARE BB' Rating to INR1.25cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Umiya Flexifoam Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      1.25      CARE BB Assigned
   Long-term/Short-term Bank     12.50      CARE BB/CARE A4+
                  Facilities                Assigned

Rating Rationale

The ratings are constrained on account of the short track record
and small scale of operations of Umiya Flexifoam Pvt. Ltd., its
presence in the highly competitive Aluminium Composite Panel (ACP)
industry that has direct linkages to the cyclical real estate
industry, moderately leveraged capital structure, vulnerability of
the profit margin to fluctuations in the raw material prices and
high customer concentration risk.

The ratings, however, favorably consider the experience of the
promoters in the ACP industry and the recent addition in the
installed capacity which is expected to enhance the scale of
operations going forward.

Substantial increase in the scale of operations of the company
while maintaining good profitability margin and a reasonably
deleveraged capital structure would be the key rating
sensitivities.

UFPL is promoted by Mr. Rajesh Patel and Mr. Mahesh Patel, who are
engaged in the diverse family run businesses. The promoters have
ventured into the manufacturing of ACP since 2005 through UFPL and
have developed the brand 'Flexibond' for marketing its products.

During FY11 (refers to April 1 to March 31, based on provisional
results), on a total income of INR23.25 crore (FY10: INR17.69
crore), UFPL earned a PBILDT of INR2.05 crore (FY10: INR1.74
crore) and a PAT of INR 0.67 crore (FY10: INR0.56 crore).


VAIBHAV GEMS: CARE Reaffirms 'CARE BB' Rating on INR152.34cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Vaibhav
Gems Ltd.
                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     152.34     'CARE BB' Reaffirmed
   Short-term Bank Facilities     20.00     'CARE A4' Reaffirmed

Rating Rationale

The ratings of Vaibhav Gems Ltd. continue to take into account
weak financial risk profile marked by its negative networth at a
consolidated level and high dependence on the USA and the UK
market, which are currently experiencing slow down. Further, the
ratings are also constrained by risk associated with fluctuation
in raw material prices and exchange rate fluctuations. The
ratings, however, draw strength from experienced promoters of VGL
in Gems & Jewellery business, especially coloured gemstones, its
end-to-end vertical integration from sourcing to end customer and
significant improvement in operating performance of VGL and its
key subsidiaries during FY11 (Audited).

VGL's ability to sustain the improvement in its operating
performance on a consolidated basis and improvement in the overall
financial position and compliance with the CDR terms are the key
rating sensitivities.

                        About Vaibhav Gems

Vaibhav Gems Ltd. is a 100% Export Oriented Unit (EOU) having
manufacturing setup for gemstone studded jewellery at Sitapura,
Jaipur. VGL operates in mainly two business segments namely
Wholesale Operations and Retail Operations. In wholesale
operations, VGL, through its Indian operation and through its
subsidiary in Hong Kong, sells to discount retailers like Wall
Mart, Carrefour, etc. Its retail operations include two wholly
owned TV channel subsidiary companies, one running 24 hours in USA
and the other running 20 hours in UK, which are involved in TV
marketing. These channels showcase VGL's products to customers,
take orders from customers and then ship the jewelry to the
customers. On account of the global slowdown/recession during FY08
and FY09, VGL suffered huge cash losses and was referred for
Corporate Debt Restructuring (CDR) programme. Since then, VGL has
reorganized its operations in various countries and has reported
considerable improvement in performance.

During FY11 (Consolidated), VGL reported a total operating income
of INR526 crore (FY10: INR338 crore) and net profit of INR43 crore
(FY10: net loss of INR68 crore). During FY11 (Standalone), VGL
reported a total operating income of INR146 crore (FY10: INR121
crore) and net profit of INR17 crore (FY10: INR2 crore).


=========
J A P A N
=========


INCUBATOR BANK: Aeon Bank to Buy Failed Firm for JPY2.48 Billion
----------------------------------------------------------------
Kyodo News reports that the government-backed Deposit Insurance
Corp. of Japan said Friday it had selected Aeon Bank, the banking
arm of retail giant Aeon Co., to sponsor failed Incubator Bank of
Japan.

The DIC said Aeon Bank will pay JPY2.48 billion to buy Incubator
Bank, the news agency relates.

Kyodo says the Second Bridge Bank of Japan is temporarily running
Incubator Bank after having taken over some of its operations,
including deposits and healthy loans.

According to the report, the DIC will hand over in late December
all shares of the bridge bank to Aeon Bank, which plans to merge
with the bridge bank in two years.

Masanori Tanabe, head of the DIC, said at a news conference that
Aeon Bank was chosen because of its operational ability and its
fund-procurement reliability, Kyodo adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2010, the Incubator Bank of Japan Ltd. filed for
bankruptcy proceedings with the Financial Services Agency under
the Deposit Insurance Law.  The FSA was expected to invoke the
deposit protection scheme for the first time since it was
instituted in 1971.  The protection covers up to JPY10 million
in deposits and interest.  The bank had about JPY592.7 billion in
deposits as of March 31, 2010, of which JPY68.6 billion had been
deposited in excess of the JPY10 million threshold by some 4,800
depositors.

Incubator Bank of Japan Ltd. is a Tokyo-based small business
lender.


UDMAC-J1 CMBS: S&P Raises Rating on Class D Certificates to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on class D
and affirmed its ratings on classes E through G under the UDMAC-J1
Trust Certificates commercial mortgage-backed securities (CMBS)
transaction.  At the same time, Standard & Poor's withdrew its
rating on the class X trust certificates. The class A trust
certificates were fully redeemed on the trust distribution date in
September 2010, and the classes B and C trust certificates were
fully redeemed in September 2011.

Of the seven loans that originally backed the trust certificates,
six loans (the six loans originally represented about 39.5% of the
total initial issuance amount of the trust certificates), which
have defaulted, have already been fully recovered. The remaining
loan, which accounted for 60.5% of the total initial issuance
amount and had already had its maturity date extended multiple
times, was partially redeemed in August 2011. The proceeds from
the partial redemption were applied to principal repayment of
classes B and C in sequential order. As such, classes B and C were
fully redeemed on the trust distribution date in September 2011.
Sales efforts are now being made for the remaining underlying
property that backs the loan.

"The upgrade of class D reflects our opinion that credit support
for class D has increased as a result of full redemption of
classes B and C. Standard & Poor's incorporated in the upgrade the
nature of the loan as a secured loan that was extended to a
Japanese real estate investment trust as well as a possible stress
on the recovery prospects given the short residual period of a
year and nine months until the legal maturity date," S&P related.

Standard & Poor's revised its criteria on interest-only securities
as of April 15, 2010, and the withdrawal of the class X trust
certificates is based on this criteria (see "Methodology for
Rating Interest-Only Securities" published April 15, 2010).

UDMAC-J1 Trust Certificates is a multiborrower CMBS transaction.
The trust certificates were originally secured by nonrecourse
loans extended to seven obligors (effectively seven loans). The
nonrecourse loans were initially backed by 40 real estate
properties. The transaction was arranged by UBS Securities Japan
Ltd., and Premier Asset Management Co. acts as the servicer
for this transaction.

The ratings address the full payment of interest and ultimate
repayment of principal by the transaction's legal final maturity
date in June 2013 for the class D to G certificates.

Rating Raised
UDMAC-J1 Trust Certificates
JPY42.34 billion trust certificates due June 2013
Class    To        From        Initial issue amount
D        BB (sf)   B+ (sf)     JPY4.5 bil.

Ratings Affirmed
Class    Rating      Initial issue amount
E        CCC (sf)    JPY1.5 bil.
F        CCC (sf)    JPY1.4 bil.
G        CCC (sf)    JPY0.34 bil.

Rating Withdrawn
X        AAA (sf)    JPY42.34 bil.*
*Initial notional principal
The issue date was Sept. 28, 2007.


=========
K O R E A
=========


KOREA TECHNOLOGY: Proposes Durham Jones as Counsel
--------------------------------------------------
Korea Technology Industry America Inc. and its debtor affiliates
ask the Hon. R. Kimball Mosier of the U.S. Bankruptcy Court for
the District of Utah for permission to employ Durham Jones &
Pinegar as their counsel.

Steven J. McCardell, Esq., and Kenneth L. Cannon II, Esq., will
each bill $360 per hour for this engagement.

The Debtors assure the Court that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

Korea Technology Industry America, Inc., is a subsidiary of Seoul-
based Korea Technology Industry Co. that tried to squeeze crude
oil from Utah's sandy ridges.  Korea Technology Industry America,
Uintah Basin Resources LLC, and Crown Asphalt Ridge L.L.C., filed
separate Chapter 11 bankruptcy petitions (Bankr. D. Utah Case Nos.
11-32259, 11-32261, and 11-32264) on Aug. 22, 2011.  The cases are
jointly administered under KTIA's case.  Steven J. McCardell,
Esq., and Kenneth L. Cannon II, Esq., at Durham Jones & Pinegar,
in Salt Lake City, serve as the Debtors' counsel.  The Debtors
listed US$35,246,360 in assets and US$38,751,528 in debts.

Proofs of claim are due by Oct. 15 and government proofs of claim
are due by Feb. 18, 2012.


KOREA TECHNOLOGY: Has Deal on Sale of Mining Property
-----------------------------------------------------
Korea Technology Industry America, Inc. et al., ask the U.S.
Bankruptcy Court for the District of Utah to approve a stipulation
regarding the turnover of certain property; approval of DIP
financing and sale of the "mining property."

The stipulation was entered among the Debtors, Tar Sands Holdings,
LLC, Western Energy Partners, LLC, and Elgin Services Company,
Inc., which provides for, among other things:

   -- sale of the Mining Property, and other property of the
      Debtors to Rutter and Wilbanks Corporation, with the intent
      that the sale close not later than June 30, 2012, subject to
      force majeure;

   -- an observation committee will be established in cooperation
      with Rutter and Wilbanks Corporation, including
      representatives of R&W and creditors, to observe and review
      the ongoing status of work by R&W on the Mining Property;

   -- the parties will submit to the Court a motion seeking the
      appointment of an examiner selected by TSH, with fees and
      costs of the examiner approved by the Court to be advanced
      by Western and Elgin, and directing the examiner to file
      with the Court a report not later than 60 days from the date
      of the examiner's appointment;

   -- TSH will file with the Court and the U.S. Trustee, and
      submit to the examiner, a complete list of receipts and
      disbursements made by TSH at any time;

   -- the Debtors will submit to the Court a motion for the sale
      of the sale property, on notice to parties-in-interest
      seeking approval of the sale of property of the Debtors by
      the closing date;

   -- as part of its due diligence and as a condition to closing
      any sale, R&W intends to advance funds in the amount of
      approximately $5 million for the completion and
      commissioning of the Debtors' facility on the Mining
      Property;

In the event the turnover motion has not been mooted by
reconveyance by TSH, the Parties request that the Court hear the
turnover motion by Sept. 29.  The Parties further
request that the Court schedule the DIP Financing Motion for
immediately after conclusion of the hearing on the turnover
motion.

A full-text copy of the stipulation is available for free at:

   http://bankrupt.com/misc/KOREATECHNOLOGY_stipulation.pdf

Tar Sands Holdings, LLC and Western Energy Partners, LLC are
represented by:

         Robert S. Prince, Esq.
         KIRTON & McCONKIE
         60 E. South Temple, Suite 1800
         Salt Lake City, UT 84111
         Tel: (801) 328-3600
         Fax: (801) 321-4893
         E-mail: rprince@kmclaw.com

Tar Sands Holdings, LLC and Elgin Services Company, Inc. are
represented by:

         Darwin H. Bingham, Esq.
         SCALLEY READING BATES HANSEN & RASMUSSEN
         15 West South Temple, Suite 600
         Salt Lake City, Utah 84101
         Tel: (801) 531-7870
         Fax: (801) 326-4669

                      About KTIA, UBR and CAR

Korea Technology Industry America, Inc., is a subsidiary of Seoul-
based Korea Technology Industry Co. that tried to squeeze crude
oil from Utah's sandy ridges.  Korea Technology Industry America,
Uintah Basin Resources LLC, and Crown Asphalt Ridge L.L.C., filed
separate Chapter 11 bankruptcy petitions (Bankr. D. Utah Case Nos.
11-32259, 11-32261, and 11-32264) on Aug. 22, 2011.  The cases are
jointly administered under KTIA's case.  Steven J. McCardell,
Esq., and Kenneth L. Cannon II, Esq., at Durham Jones & Pinegar,
in Salt Lake City, serve as the Debtors' counsel.  Each of the
Debtors estimated assets and debts of $10 million to $50 million.
Korea Technology disclosed $35,246,360 in assets and $38,751,528
in liabilities as of the Chapter 11 filing.

Proofs of claim are due by Oct. 15 and government proofs of claim
are due by Feb. 18, 2012.


PANTECH CO: Deadline for Preliminary Bids Extended for One Week
---------------------------------------------------------------
According to Bloomberg News, the Korea Economic Daily reported
that creditors of Pantech Co. decided to extend the deadline for
preliminary bids for the company for a week after requests from
companies that have shown interest.

                      About Pantech

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/-- manufactures mobile phones.
Pantech's products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.

According to reports by the Troubled Company Reporter - Asia
Pacific, Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.


====================
N E W  Z E A L A N D
====================


AORANGI SECURITIES: Registrar Awaits Jean Hubbard Submission
------------------------------------------------------------
The Timaru Herald reports that the registrar of companies is
waiting for submissions from Jean Hubbard's lawyers about her
future in statutory management.

According to the report, Registrar of Companies Neville Harris
talked to Mrs. Hubbard's lawyers on September 21 and was now
waiting for further submissions before he would pass on his advice
to the Government about whether statutory management should
remain.

Meanwhile, The Timaru Herald says that an independent report into
the statutory management of Mrs. Hubbard and her late husband,
Allan, remains under wraps, despite being completed in July.

The Timaru Herald notes that a spokesperson for Mr. Harris said no
further comment would be made about statutory management.  He had
said previously after a meeting had been held with Mrs Hubbard's
lawyer, that Commerce Minister Simon Power would be consulted, the
report relays.

In May, The Timaru Herald recalls, Mr. Harris sought an
independent report on the statutory management of Mr. and
Mrs. Hubbard and whether it needed to continue.  The report was
undertaken by Sir John Anderson and Rod Pardington and was
received in July.

The Government would not say when it would be made public, the
report adds.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn on September 20, 2010.

The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO has dropped the fraud charges against Allan Hubbard
following Mr. Hubbard's death on September 2.


CENTURY CITY: Wellington Phoenix New Owners May Get Tax Relief
--------------------------------------------------------------
Maria Slade at BusinessDay.co.nz reports that experts said the new
owners of Wellington Phoenix are likely to structure their affairs
so that they are able to claim tax deductions on the loss-making
club.

BusinessDay.co.nz notes that the group of seven Wellington
businessmen, including Kiwibank chairman Rob Morrison and
economist Gareth Morgan, took over the Phoenix license last month
after troubled property developer Terry Serepisos was forced to
relinquish it.  Mr. Serepisos was declared bankrupt on Sept. 26,
2011.

According to the report, the group, dubbed the Welnix consortium,
is still working through how it will be legally structured though
it has set up a lawyer's trust account to cover expenditure such
as making payments to players.

BusinessDay.co.nz relates that Group chairman Rob Morrison said
they're unlikely to make one cent out of their commitment to fund
the club for the next five years, and any profits they do make,
will be ploughed back into the club.

Group member Campbell Gower, who is owner and chief executive of
baby buggy company Phil&Teds, also confirmed he doesn't expect the
Phoenix to be profitable, BusinessDay.co.nz reports.

BusinessDay.co.nz says none of them had gone into it on the basis
that somehow there were tax benefits available.

Mr. Gower, as cited by BusinessDay.co.nz, said it was "actually
very difficult, if not impossible" to allocate tax losses from one
business to another.

However, BusinessDay.co.nz says, Ernst & Young tax partner Jo
Doolan said depending on how the consortium was structured it
should be able to offset some of its losses on the Phoenix against
other income.

If it was set up as a limited liability company that could be
challenging.  But there were other options, such as a look-through
company, the report states.

BusinessDay.co.nz notes that the new LTC structure allows the
company in question to transfer its income and expenditure to its
shareholders directly.  The shareholder, not the company, is then
responsible for paying tax on their share or they can utilise the
LTC's losses.

According to BusinessDay.co.nz, BDO tax partner Iain Craig said
other options were a joint venture or a limited liability
partnership.

Mr. Craig said if the Welnix consortium was guaranteeing any debt
it would need to charge a fee for doing so, if it wanted to claim
a deduction on any potential losses, BusinessDay.co.nz relates.

BusinessDay.co.nz adds that Mr. Gower said the new consortium was
not taking on any of the previous administration's debt.

It had given undertakings to the FFA to underwrite the club's
expenses for five years. "We haven't put a number on it, in part
because we don't know what it is."

Mr. Gower said it was hoped that a different approach and
providing some stability may help to attract new sponsors, the
report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2011, The Dominion Post said property developer and
former Wellington Phoenix football boss Terry Serepisos has
crumpled under the weight of NZ$200 million debt and is putting
forward a proposal to sell his assets.  A judge in the High Court
at Wellington was told August 29 that Mr. Serepisos' portfolio of
about 150 residential properties and at least six major commercial
buildings in Wellington is worth NZ$232,472,000.  The Dominion
Post said Mr. Serepisos' liabilities are calculated at
NZ$203,095,206.

According to The Dominion Post, Mr. Serepisos has been battling
financial issues within his Century City group of companies for
more than a year during which time he has faced a number of court
actions.  They included moves in November to liquidate five
Century City companies over unpaid tax and the Accident
Compensation Corporation of nearly NZ$4 million.  That amount was
repaid in a deal that subsequently lead to Mr. Serepisos losing
ownership of his flagship Century City Hotel in Tory St., The
Dominion Post noted.

The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which
previously owned the Wellington Phoenix football team.


NATHANS FINANCE: Appellate Court Junks Appeals on Jail Sentences
----------------------------------------------------------------
BusinessDay.co.nz reports that the Court of Appeal has dismissed
appeals against the jail sentences handed down to two Nathans
Finance directors.

BusinessDay.co.nz says Roger Moses and Mervyn Doolan were
sentenced to two years, two months and two years, four months in
prison last month for their part in the collapse of the company in
2007 which left more than 7,000 investors NZ$174 million out of
pocket.

The court has issued the judgment but said reasons for the
dismissal would follow soon, according to BusinessDay.co.nz.

BusinessDay.co.nz states that Messrs. Moses and Doolan were
seeking sentences of home detention, the same sentence handed out
to their fellow former directors, John Hotchin and Donald Young.

Mr. Hotchin gave an early guilty plea and testified at his former
business partners' trial in exchange for an 11 months home
detention sentence, BusinessDay.co.nz relays.

Mr. Young, according to BusinessDay.co.nz, was found guilty but
deemed to be the least culpable of the directors and is serving a
home detention sentence of nine months.

As reported in the Troubled Company Reporter-Asia Pacific on
July 11, 2011, nzherald.co.nz said former Nathans Finance
directors Mervyn Doolan, Donald Young and Kenneth Moses have been
found guilty on five charges of breaching the Securities Act.
According to nzherald.co.nz, the Crown claimed the financial
statements the directors -- including fourth director John Hotchin
-- issued concerning related party lending to VTL, the quality of
its loan book, its loan management practices and its management of
liquidity were untrue.  The Crown also said the directors made
untrue statements in the company's offer documents of Dec. 13,
2006, and in a signed extension certificate on March 30, 2007,
nzherald.co.nz related.

                        About Nathans Finance

Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
Aug. 20, 2007.  The company owed approximately NZ$174 million to
some 7,000 investors.  Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008.  VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.


WILLETTS FURNITURE: Faces Wind Up Application
---------------------------------------------
Ben Guild at Otago Daily Times reports that an application to
place Willetts Furniture Company Ltd in liquidation has been made
to the High Court at Timaru.

Willetts Furniture was placed into voluntary receivership in
May 2008, ceased trading at the end of 2010, and was replaced by
a new business, according to the report.

Otago Daily relates that an application to put the company into
liquidation was filed in the High Court, Timaru on Aug. 11, 2011,
and will be heard on Oct. 19, 2011, at 10:00 a.m.

According to the report, Owner Colin Willetts, who in 2008
believed the company was capable of trading out of the
receivership due to a "huge amount of forward orders and very
strong support from staff, suppliers and customers", had no
comment to make on the application for liquidation other than to
say that "the process will take its course."

Mr. Willetts said inaccuracies in media coverage in recent days
had been upsetting to staff, clients and suppliers, Otago Daily
relays.

Otago Daily states that previous reports had failed to mention
that a new business, Willetts 2010 Ltd had been trading from the
premises since the beginning of the year.

It had new ownership, and while Mr. Willetts had stayed on as
general manager, he had no ownership stake in the new company, the
report notes.

Willetts Furniture Company Ltd made quality furniture from
recycled timber.  At its peak in the mid-1990s, the company
employed about 90 staff and held contracts to produce furniture
for hotels, resorts and other developments.


=================
S I N G A P O R E
=================


BAKRIE NUSANTARA: Creditors' Proofs of Debt Due Oct. 14
-------------------------------------------------------
Creditors of Bakrie Nusantara International Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 14, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


DARWIN INTERIOR: Creditors' Proofs of Debt Due Oct. 31
------------------------------------------------------
Creditors of Darwin Interior Design Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 31, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lee Yin Chen
         4 Robinson Road #08-01
         Singapore 04854


EPL DISTRIBUTION: Creditors Get 7.421% Recovery on Claims
---------------------------------------------------------
EPL Distribution Private Limited declared the first and final
dividend on Sept. 22, 2011.

The company paid 7.421% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


EVANSON INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 11
------------------------------------------------------------
Creditors of Evanson International Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 11, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kon Yin Tong and
         Wong Kian Kok
         C/o Foo Kon Tan Grant Thornton LLP
         47 Hill Street
         #05-01 Singapore Chinese Chamber of
         Commerce & Industry Building
         Singapore 179365


INFORUM PAC-RIM: Creditors Get 85.61323% Recovery on Claims
-----------------------------------------------------------
Inforum Pac-Rim Pte Ltd declared the preferential dividend on
Sept. 26, 2011.

The company paid 85.61323% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


INFOWAVE PTE: Court to Hear Wind-Up Petition on Oct. 14
-------------------------------------------------------
A petition to wind up the operations of Infowave Pte Ltd will be
heard before the High Court of Singapore on Oct. 14, 2011, at
10:00 a.m.

Arrow Asia Opportunity Fund Limited filed the petition against the
company on Sept. 16, 2011.

The Petitioner's solicitors are:

         Messrs Wee Swee Teow & Co
         11 Unity Street
         #02-03 Robertson Walk
         Singapore 237995


KIAN DA: Creditors' Proofs of Debt Due Oct. 14
----------------------------------------------
Creditors of Kian Da Construction Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 14, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


KXD DIGITAL: Court to Hear Judicial Management Bid on Oct. 18
-------------------------------------------------------------
An application to place KXD Digital Entertainment Limited under
judicial management will be heard before the High Court of
Singapore on Oct. 18, 2011, at 10:00 a.m.

Seshadri Rajagopalan and Ee Meng Yen Angela of Ernst & Young LLP,
at One Raffles Quay, North Tower Level 17, in Singapore 048583,
have been nominated as jointly and severally judicial managers.

The Applicant's solicitors are:

          TSMP Law Corporation
          6 Battery Road, Level 41
          Singapore 049909


===============
T H A I L A N D
===============


TT&T PCL: Reports Progress on Debt-to-Equity Conversion
-------------------------------------------------------
TT&T Public Company Limited told the Stock Exchange of Thailand
that the debt owed to 37 creditors, out of 42 creditors in total,
had been converted into equity in the amount of 3,414,136,024
shares with the value of THB3,414,136,024.  This increased the
Company's paid-up capital from THB3,242,484,261 to
THB6,656,620,285.  The Company has reported this information via
the SCP system of the Stock Exchange of Thailand on July 12, 2011,
under the topic "The progress report on capital increase" and
"Report to the Exchange on the Results of the Sale of Shares."

The Company would like to inform that on July 25, 2011, it
received an approval from the Official Receiver for the repayment
of debt to Jasmine Telecom Systems Public Company Limited.  The
debt will be paid by cash in the amount of THB49,868,304.75 and by
debt-to-equity conversion in the amount of THB163,299,423.48.  In
this regard, the Company registered a capital increase derived
from the conversion with the Ministry of Commerce on September 23,
2011.  As a result, 38 creditors from 42 creditors have received
debt-to-equity conversion.

The amount of debt converted into equity for JTS in this round is
THB81,649,711 (163,299,423/2) or equivalent to 81,649,711 shares
which is 50 percent of total debt granted for the conversion. This
is because the Company has yet to receive the final Court's order.
JTS has an obligation under the rehabilitation plan, which also
applied to other creditors whose debt was previously converted
into equity.  The details are:

The practices of creditors whose debts were converted into the
Company's shares to ensure the best benefit to creditors under an
implementation of the rehabilitation plan, creditors whose debts
have been converted into the Company's shares and who have an
intention to sell such shares, shall transfer rehabilitation plan,
creditors whose debts have been converted into the Company's
shares and who have an intention to sell such shares, shall
transfer their shares under the conditions and regulations:

   1. Within 6 months from the date the Company converts debt
      into equity to the creditor for the first round.  The
      creditors have no right to sell the common shares received
      under this debt-to-equity conversion plan to other
      individual and/or juristic person.

   2. Every 6 months after the period specified in clause 1.
      The creditors can sell the common shares received under
      this debt-to-equity conversion plan to other individual
      and/or juristic person within 5 times.  In addition, each
      time the creditors can sell shares of not more than 20%
      of the number of common shares converted under this debt-
      to-equity conversion.  If the creditors do not exercise the
      right to sell their share at any time, the creditors can
      keep the shares and sell them for the next time.

After 3 years from the date the creditors received shares under
this debt-to-equity conversion plan, the creditors can sell all
the common shares to individual and/or juristic person without
sell limitation.  If the plan administrator can find a new
investor to purchase the Company's shares, the creditors can sell
the entire common shares equivalent to 100 percent of the shares
received from the debt-to-equity plan to the new investor.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2010, Reuters said Thailand's Central Bankruptcy Court on
Dec. 28, 2010, approved a rehabilitation plan for TT&T Pcl
involving the restructuring of THB26 billion in debt.  The plan
includes debt reduction, a debt-to-equity conversion and
repayment.  Creditors had been seeking repayment of THB61 billion
in debt, Reuters said.  State-run telecoms firm TOT Pcl and
Thailand's top lender, Bangkok Bank, are among the creditors.  T&T
received court approval in 2008 to start a business rehabilitation
plan.  TT&T, which has suffered five consecutive years of losses,
has not given details about the restructuring.

                           About TT& T Pcl

TT&T Public Company Limited (BAK:TT&T) is a Thailand-based company
engaged in the provision of fixed-line telecommunication services.
The Company operates a joint undertaking of and investments in the
expansion project of telephone services with TOT Public Company
Limited.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week Sept. 26 to Sept. 30, 2011
-------------------------------------------------------


Issuer                  Coupon    Maturity   Currency  Price
------                  ------    --------   --------  -----

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AINSWORTH GAME           8.00    12/31/2011   AUD       1.30
AMITY OIL LTD           10.00    10/31/2013   AUD       2.03
AUSTRALIAN COMM          3.00    07/29/2049   AUD       5.00
BECTON PROP GR           9.50    06/30/2012   AUD       0.22
CHINA CENTURY           12.00    09/30/2012   AUD       0.70
DIVERSA LTD             11.00    09/30/2014   AUD       0.15
EXPORT FIN & INS         0.50    12/16/2019   NZD      70.00
EXPORT FIN & INS         0.50    06/15/2020   AUD      68.22
EXPORT FIN & INS         0.50    06/15/2020   NZD      67.74
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.65
NEW S WALES TREA         1.00    09/02/2019   AUD      74.24
NEW S WALES TREA         0.50    09/14/2022   AUD      62.31
NEW S WALES TREA         0.50    10/07/2022   AUD      61.81
NEW S WALES TREA         0.50    10/28/2022   AUD      61.57
NEW S WALES TREA         0.50    11/18/2022   AUD      61.42
NEW S WALES TREA         0.50    12/16/2022   AUD      60.86
NEW S WALES TREA         0.50    02/02/2023   AUD      60.52
NEW S WALES TREA         0.50    03/30/2023   AUD      59.96
PALADIN ENERGY           3.62    11/04/2015   AUD      66.48
RESOLUTE MINING         12.00    12/31/2012   AUD       1.51
TREAS CORP VICT          0.50    08/25/2022   AUD      62.80
TREAS CORP VICT          0.50    11/12/2030   AUD      60.97
TREAS CORP VICT          0.50    11/12/2030   AUD      44.15


  CHINA
  -----

AIR CHINA                4.50    09/07/2015   CNY      73.00
CHINA GOV'T BOND         1.64    12/15/2033   CNY      63.78
CHONGQING TRAFFIC        6.30    12/10/2015   CNY      70.06
CQ YUFU ASSET            6.33    02/22/2018   CNY      66.00
HENAN INVEST             4.85    04/15/2019   CNY      69.70
NJ HITECH ECO            6.40    12/24/2017   CNY      70.18
SJZ URBAN CONS           6.55    03/09/2021   CNY      72.02
SOUTHERN POWER           5.60    09/17/2019   CNY      66.66
WUHAN URBAN CONS         4.72    05/25/2019   CNY      52.30
XIAMEN XIANGYU           6.68    07/08/2018   CNY      70.00
XINAO CHINA GAS          6.45    02/16/2018   CNY      70.13
YANGZHOU URBAN           5.94    07/23/2016   CNY      67.21
ZHENGJIANG CONS          6.76    12/17/2020   CNY      75.00
ZHUNGEER ASST IN         6.94    05/10/2018   CNY      75.00
ZJ HISUN PHARMAC         6.50    08/25/2016   CNY      70.00


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      66.05
CHINA SOUTH CITY        13.50    01/14/2016   USD      58.55
FOSUN INTL               7.50    05/12/2016   USD      74.70
RESPARCS FUNDING         8.00    12/29/2049   USD      24.27
SINO-OCEAN LAND         10.25    12/31/2049   USD      62.50
SINO-OCEAN LAND         10.25    12/31/2049   USD      61.70


  INDIA
  -----

PUNJAB INFRA DB          0.40    10/15/2024   INR      26.52
PUNJAB INFRA DB          0.40    10/15/2025   INR      24.11
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.92
PUNJAB INFRA DB          0.40    10/15/2027   INR      20.02
PUNJAB INFRA DB          0.40    10/15/2028   INR      18.30
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.75
PUNJAB INFRA DB          0.40    10/15/2030   INR      15.37
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.13
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.01
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.20
SHIV-VANI OIL            5.00    08/17/2015   USD      73.34
SUZLON ENERGY LT         5.00    04/13/2016   USD      73.69
VIDEOCON INDUS           6.75    12/16/2015   USD      65.94


  JAPAN
  -----

JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.68
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.82
SHINSEI CORP             9.20    12/29/2049   GBP      68.33
TAKEFUJI CORP            9.20    04/15/2011   USD       5.25
TOKYO ELEC POWER         1.22    03/24/2017   JPY      68.25
TOKYO ELEC POWER         2.34    09/29/2028   JPY      70.07
TOKYO ELEC POWER         2.40    11/28/2028   JPY      70.15
TOKYO ELEC POWER         2.20    02/27/2029   JPY      65.02
TOKYO ELEC POWER         2.11    12/10/2029   JPY      63.73
TOKYO ELEC POWER         1.95    07/29/2030   JPY      62.51
TOKYO ELEC POWER         2.36    05/28/2040   JPY      61.39


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.08
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.44
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.08
CRESENDO CORP B          3.75    01/11/2016   MYR       1.33
DUTALAND BHD             6.00    04/11/2013   MYR       0.35
DUTALAND BHD             6.00    04/11/2013   MYR       0.75
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.45
ENCORP BHD               6.00    02/17/2016   MYR       0.85
KUMPULAN JETSON          5.00    11/27/2012   MYR       0.80
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.22
MALTON BHD               6.00    06/30/2018   MYR       0.78
MITHRIL BHD              3.00    04/05/2012   MYR       0.65
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.37
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.79
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.59
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.63
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.55
SCOMI GROUP              4.00    12/14/2012   MYR       0.06
TATT GIAP                2.00    06/03/2015   MYR       0.68
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.70
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.10
TRC SYNERGY              5.00    01/20/2012   MYR       1.45
WAH SEONG CORP           3.00    05/21/2012   MYR       2.51
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.39
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.11


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       6.75
DORCHESTER PACIF         5.00    06/30/2013   NZD      57.58
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       9.20
INFRATIL LTD             4.97    12/29/2049   NZD      55.00
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.05
NEW ZEALAND POST         7.50    11/15/2039   NZD      63.05
NZF GROUP                6.00    03/15/2016   NZD      32.53
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.50
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.80
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.98


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      60.07
BAKRIE TELECOM          11.50    05/07/2015   USD      66.25
BLUE OCEAN              11.00    06/28/2012   USD      41.75
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.98
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
DAVOMAS INTL FIN        11.00    12/08/2014   USD      59.00
F&N TREASURY PTE         2.48    03/28/2016   SGD       0.98
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.17
SENGKANG MALL            4.00    11/20/2012   SGD       0.10
SENGKANG MALL            8.00    11/20/2012   SGD       0.10
UNITED ENG LTD           1.00    03/03/2014   SGD       1.02
WBL CORPORATION          2.50    06/10/2014   SGD       1.24
YANLORD LAND GRP         9.50    05/04/2017   USD      66.12
YANLORD LAND GRP         9.50    05/04/2017   USD      65.50
YANLORD LAND GRP        10.62    03/29/2018   USD      65.50
YANLORD LAND GRP        10.62    03/29/2018   USD      64.05


SOUTH KOREA
-----------

DAEYEONG SAVINGS         7.95    07/29/2015   KRW       6.08
JEIL II SAVINGS          8.50    07/19/2014   KRW      50.20
JEIL MUTUAL BK           8.50    01/22/2015   KRW       1.08
JEIL MUTUAL SAV          8.10    07/16/2015   KRW      30.16
SINBO 4TH ABS           15.00    12/16/2013   KRW      31.45
TOMATO MUTUAL SA         8.30    03/12/2012   KRW      11.03
TOMATO MUTUAL SA         8.50    03/12/2014   KRW       2.44
TOMATO MUTUAL SA         8.40    01/06/2015   KRW      18.16
TOMATO MUTUAL SA         7.90    03/12/2026   KRW       3.58


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR      68.91


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB      71.72


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Ivy B. Magdadaro,
Frauline S. Abangan, and Peter A. Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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